Iran Set to Increase Oil, Gas Output to Implement Resistive Economy Policy

TEHRAN, Feb. 23 (Shana) – Minister of Petroleum Bijan Zangeneh said Iran is entitled to increase its oil and gas production and has embarked on measures for increasing its output in order to meet the policies stipulated by the resistive economy principles.

Speaking at the energy panel of the conference on the Sixth Development Plan and the First Resistive Economy here on Tuesday, he said Iran has plans to process up to 64 percent of its crude oil production inside the country.

The minister said that by end of the next Five-Year Development Plan in 2011, Iran’s production of oil and condensates will increase to 5.3 million barrels a day. “Therefore, 3.3 million barrels will be processed domestically.”

Zangeneh also announced that the next objective in the petrochemical production requires 50 billion dollars in investment which will be a giant leap.

He said that value of the petrochemical production will hit 22 billion dollars by 2018, and 41 billion dollars by 2011 from the current 18 billion dollars.

Considering the target plans, he replied to a question, it is clear that the Ministry of Petroleum has been implementing the resistive economy policies.

To another question, he said Iran has envisaged a daily crude oil output of 4.6 million barrels under the Sixth Five-Year Development Plan (2016-2021).

He said boosting production of oil is the chief mission of the petroleum industry under the development plan, adding the plan requires that at least a million barrels of gas condensate must be added to the country's daily output by 2021. 

He also said Iran will boost natural gas exports to neighboring states to 0.2bcm/d from the current 30mcm/d and its customers will be Iraq, Pakistan, Oman and some other countries. 

He added that 15 billion dollars in investments must be attracted to renovate the country's refineries as required by the 6th development plan. 
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